Avidbank reported an unaudited consolidated net income of $3.481 million for the fourth quarter of 2018 compared to $1.009 million for the same period in 2017, a 240% increase year-over-year.

Net income was $11.12 million in 2018 compared to $5.654 million in 2017. Net income in 2017 included a $1.1 million charge to income tax expense as a result of the Tax Cuts and Jobs Act of 2017 while net income in 2018 benefited from a lower federal tax rate. Net interest income was $37.866 million in 2018, an increase of $7.338 million or 24% over the figure recorded in 2017.

Diluted earnings per common share were $1.90 in 2018, compared to $1.08 in 2017.

Net interest income was $10.735 million for the fourth quarter of 2018, an increase of $2.553 million over the $8.182 million for 2017. The 31% increase over the prior year quarter reflects the impact of our loan growth over the past twelve months.

Diluted earnings per common share were $0.59 for the fourth quarter of 2018, compared to $0.17 for the fourth quarter of 2017.

Total assets grew by 17% in 2018, ending the fourth quarter at $917 million.

The Company continues to be well capitalized for regulatory purposes with a Tier 1 Leverage Ratio of 10.82%, a Tier 1 Risk Based Capital and Common Equity Tier 1 Risk Based Capital Ratio of 10.38%, and a Total Risk Based Capital Ratio of 12.61%.

Mark D. Mordell, AvidBank chairman and CEO, stated, “Loans grew $50.2 million in the fourth quarter primarily as a result of increased Specialty Finance and C&I lending. We are committed to a strong growth strategy to achieve optimal profitability and continue to make substantial investments in personnel and infrastructure to help realize that goal responsibly. We grew by eight staff positions in 2018 with the majority of the hires in loan production and support positions. We are well positioned to continue our franchise growth strategy to scale our balance sheet and operations to serve our markets.”